Kirchgassner, Gebhard; Wolters, Jurgen - In: The Review of Economics and Statistics 75 (1993) 4, pp. 773-78
Starting point is the 'German Dominance Hypothesis,' according to which Germany has a dominant position within the EMS. This makes it impossible for other member countries to pursue their own monetary policies. Using monthly data of three-month Euro market rates from 1980 to 1988, for the U.S.,...